Consumer Panel issues ten point plan ahead of Chancellor's speech

The Financial Services Consumer Panel has today issued a ten point plan ahead of the Chancellor’s Mansion House speech, highlighting the ten priorities for the future of financial services.

Six of the points are aimed at achieving outcomes for consumers from the industry, while the remaining four are targeted at regulators.

Adam Phillips, Consumer Panel Chair commented:

“We welcome the Chancellor’s wish to improve financial services. However, it is vital that the successes of the FSA are built upon and that we learn from its mistakes. The retail financial services industry is a vital service which all members of the public need to access. The challenge remains getting the industry to produce better outcomes. There needs to be a clear focus on the areas where more work must to be done.

Whatever the future shape of financial services regulation, the Consumer Panel wants to see the industry and regulators working together to make financial services better. Industry must bring forward more straightforward products, treat customers fairly and give relevant and unbiased advice. Specifically, we want to see responsible lending in the mortgage market, better banking and dependable later life products. At a regulatory level we want to see intelligent regulation with poorly performing firms made to play by the rules, efficient redress for customers and timely and appropriate compensation.

Our plan is not intended as a panacea, but as a series of practical steps which would significantly enhance the consumer experience of financial services in the UK. The Consumer Panel hopes that our ten points will be of assistance to industry, regulators and politicians in providing a fairer and more sustainable future for financial services.”

Notes to editors

1. Ten point plan[1]

2. Adam Phillips, Consumer Panel Chair’s biography and photographs[2].

3. The Consumer Panel is a statutory body under the Financial Services and Markets Act 2000 and was initially established by the Financial Services Authority in December 1998. The Panel advises the FSA Board on the interests and concerns of consumers and reports on the FSA's performance in meeting its objectives.

The emphasis of the Panel’s work is on activities that are regulated by the FSA, although it may also look at the impact on consumers of activities outside but related to the FSA’s remit. What we're doing for consumers[3] explains more about the work the Panel is doing.

5. There are currently eleven members of the Panel as listed below (for further information on individual members, see Who is on the panel)[4]